Please Guide This Newbie here on Mining
Recently I started knowing this blockchain and cryptocurrency stuffs and it's amazing, therefore I used my gaming PC to mine on Nicehash and will get transferred my first 0.001 bitcoin later today
Although I have bought bitcoins already for trading, I am excited to receive this first 0.001 Bitcoin from my PC's mining work
Anybody here mining on Nicehash? I would love to receive some tips to better maximize the mining profitability
I am planning to buy 1 more gpu, either RX480 or GTX1060 to mine and the ROI should be around 8-10 months depending on bitcoin price of course. Is it worth it? or is it a bad idea? Should I continue on Nicehash? or there is a better way to mine?
My current gpu is Gigabyte Nvidia GTX 1060 6gb, generating around 26 MH/s on lyra2rev2 algorithm earning around 0.00023 Bitcoin per day
Please do guide this newbie here
Thanks
check out @crypto2day s blog
Thanks for the shout out! I'm gonna link him in the comments 😉
@saywha thanks bro
will check it out
Hey @derp91 on my blog I have some videos talking about mining and my opinions on it,
Here's a tutorial on what I used and how to set up a more "higher class" rig...
https://steemit.com/steemit/@crypto2day/how-to-build-a-gpu-mining-rig-that-will-bring-all-the-boys-to-the-yard
Here's how to set up your miner:
https://steemit.com/technology/@crypto2day/how-to-correctly-set-up-your-mining-software-and-properly-route-it-to-bring-all-the-boys-to-the-yard
But In terms of whether it's a good idea for you to get into... that depends on a lot of factors.
How much are you planning to invest in your machines?
what currencies do you want to mine?
is your sole purpose of mining to make a quick profit?
Do you have adequate electrical circuits in your home?
Is your cost for electric too high?
Do you have experience building, troubleshooting, and maintaining/cleaning computers?
All these questions are very important to ask yourself as well as consider before you dive into buying any costly equipment.
Let me know anyway I can help though!
Hi @crypto2day
Thanks a lot for the guides
I am currently thinking of only investing in 1 more graphic card to mine
I am aware of my very limited knowledge on this subject, therefore would like to start slow and learn on the way
I have no clear vision of what currency to mine, and how to mine a specific currency
I am planning on watching youtube videos and guides like yours to learn about this subject when starting a few days ago, but the market was on dip and I was focused on the market to buy some BTC and ETH on the low
I built my gaming pc last year and started to fall in love in hardwares and PC setups
Upon learning about blockchain technology, it sparked my interest and would like to educate myself deeper, thus wanting to try mining for hobby purpose and earning some profit if possible
I love learning new things
Electricity cost here is US$ 0.09/kWh which is able to generate me small profit with my GTX 1060 from Nicehash, it's like so long as I am not losing money and can learn a whole new thing for me, it's worth it
I only have experience in building computers and maintaining should be no problem, but have no experience in troubleshooting
Thanks a lot for your response and for trying to help
Please do correct me for any mistakes in the comment above
I appreciate it very much
@derp91 message me on WhatsApp
There are tons of videos on youtube. But here are a few basic things:
Mining with a gaming PC is a waste of time and not good for your pc.
You can buy an ASIC miner - a machine that makes cryptocurrency. There are many different kinds. Bitmain.com is the best and their machines get sold out fast. These machines are very powerful and loud - so a place for them is needed. When they become outdated, and they will because difficulty of all coins increasing you gonna throw them away.
2.1 You can build a mining rig with 4,6,8 or 10 video cards. Usually mining rigs are not as powerful as ASICs machines, but you can at least sell video cards when difficulty increases to the point, that electricity costs more, or just giving you very little money.
You can buy cloud mining contracts, (Lifetime or open ended contracts will pay you while it's profitable) like genesis mining (right now they are out of stock. www.genesis-mining.com Code: 0P6Bgy).
or pool.bitcoin.com kind of expensive:
https://pool.bitcoin.com/index.html?code=nROXmK
You can buy bitcoins on wallofcoins.com and wait until they are expensive and sell or keep.
You can invest in HYIPs - companies that take your money (usually bitcoin) and pay you interest. HYIPs can be very profitable, but sometimes they don't last even a week. Bitconnect is the most reliable currently: https://bitconnect.co/?ref=egikov
or less reliable and might be gone anytme (don't invest if you can't afford to lose):
Bitpetite
https://bitpetite.com/?aff=egikov
SecureCapitals.com
https://securecapitals.com/?ref=egikov
Yota.biz
https://yota.biz/reff/egikov
Aurum Bank
https://aurum-bank.com/?ref=egikov
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Hi @egikov
Thanks for the inputs, it means a lot for me
I am going to research more on your suggestions
Cheers
Apparently, steemit bots don't like referrals. I hope you can still read my comment and I also have a post with most of my referrals that called: Earning cryptocurrency online with little investments, but big interests".